Despite an Icy SPAC Market, S-1s Keep Coming

by BA Research | May 27, 2022

Third automotive DA of the week. And the rest of the day’s news in SPACs.

————————————————-
Free Investor Resources from Boardroom Alpha
—————————————————-
** Podcast: Know Who Drives Return
** Daily SPAC Newsletter
** Full SPAC Listing

Two new SPAC S-1s filed

SPAC IPOs have slowed considerably, with only 6 IPOs this month, down from 19 a year ago. Two new S-1s filed:

Mars Acquisition Corp (MARXU). Filed for a $75M IPO and will target businesses in crypto-currency and block-chain, electronic vehicles, healthcare technology, financial technology, cleantech, specialty manufacturing, big data and artificial intelligence, and other related technologies. The SPAC is led by CEO, CFO, and Director Karl Brenza, former Senior Managing Director of Investment Banking for Paulson Investment Company; COO and Director Iris Zhao, the CIO of Future Fintech Group (FTFT); and Chairman Shanchun Huang, the CEO of Future Fintech Group. Zhao and Huang are spouses.

ESH Acquisition Corp (ESHU).Filed for a $300M IPO. ESH includes industry veterans in entertainment, sports, and hospitality. The SPAC is led by CEO and Director James Francis, founder and former CEO of Chesapeake Lodging Trust and Highland Hospitality, Chairman Allen Weiss, former consultant at Apollo Investment and President of World Wide Operations for the Walt Disney Parks and Resorts business, and Vice Chairman Magic Johnson, former NBA player and founder and CEO of investment firm Magic Johnson Enterprises. ESH intends to target the global entertainment, sports, and hospitality sectors. Areas of focus include professional sports franchises, luxury resorts, destination and regional theme parks, record labels, and music and television streaming services.

Source: Boardroom Alpha

SPAC Deal: Aesther Healthcare Acquisition + United Gear & Assembly

Aesther Healthcare Acquisition (AEHA) announces a DA with United Gear & Assembly. Limited information on this one; $107M in trust. United Gear & Assembly designs and manufactures high precision gears for electric vehicles, construction and mining and agriculture end markets. Customers include Lucid Group (LCID), Volvo, HUSCO, Dana and GM, among others.

GBTG / American Express Global Business Travel Closes

American Express Global Business Travel (GBTG) to begin trading on the NYSE 5/31. Still no word on redemptions.

Elsewhere in SPACs

SPAC liquidation: Trepont Acquisition Corp I (TACA) on 6/10. $10.10 redemption.

SPAC Calendar

Source: Boardroom Alpha

More from Boardroom Alpha

For ongoing tracking, analytics, and data on SPACs checkout Boardroom Alpha’s SPAC Data and Analytics service.

Recent Analysis

Daily SPAC: SIMA, CAEP-Air Redemptions – May 14, 2026

SIM Acquisition I (SIMA) lost $242M from trust on its extension approval to Jul. 12, 2027, and Cantor Equity Partners III (CAEP) cleared its Air deal after $234M in redemptions. Separately, GSR V Acquisition (GSRV) priced a $200M IPO, taking May MTD to 7 SPAC IPOs / $1,025M through 14 days.

Daily SPAC: BREZ $125M IPO, GPAT Non-Redemption Agreements – May 13, 2026

GP-ACT III Acquisition (GPAT) disclosed non-redemption agreements tied to extension and trust-amendment votes, with investors pledging support and no redemptions alongside sponsor share transfers. Breeze Acquisition Corp. II (BREZ) priced a $125M IPO today with 100.2% initial trust funding; May MTD is 6 IPOs for $825M through 13 sessions vs. 2 IPOs / $350M at the same point last month.

Daily SPAC: CAEP Forward Purchase, AIR-Pubco – May 12, 2026

Cantor Equity Partners III (CAEP) announced a forward purchase with Harraden Circle to fund the CAEP-AIR-Pubco business combination. Columbus Acquisition (COLA) issued a convertible extension note to WISeSat.Space. MTD: 5 SPAC IPOs raised $700M through the first 12 sessions of May vs. 2 IPOs / $350M over the same span in April.

Daily SPAC Update – May 11, 2026

Risking Dragon (RDAC) extension vote set. Flag Ship enters letter of intent with Bluechip. Alchemy Investments to delist and move to OTC on May 14.

Daily SPAC Update – May 8, 2026

Starlink AI Acquisition Corp (OTAI) launched its $100 million IPO today, marking the fifth SPAC IPO this month, raising a total of $800 million. APAD DeSPACs to Enhanced Ltd. Meanwhile, GigCapital7 Corp (GIG) secured non-redemption waivers to support its merger with Hadron Energy, while Climatetrock (CLRCF) extended its deadline to November 2026 with $59,922 removed from trust.

Subscribe to Boardroom Alpha Newsletters

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon.

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by BA that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.